HOLDING MEMO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HOLDING MEMO
Largest movements
- Receivables within one year +€426,100
up €426,100 (+75.4%), from €565,268 to €991,368
of which Other amounts receivable: +€497,700
- Other debts +€623,235
up €623,235 (+20.6%), from €3.0m to €3.6m
- Current portion of long-term debt -€187,681
down €187,681 (-66.5%), from €282,257 to €94,576
- Debts after one year -€94,576
down €94,576 (-100%), from €94,576 to €0
- Profit (loss) carried forward +€78,706
up €78,706 (+5.4%), from €1.5m to €1.5m
- Gross operating margin -€98,439
down €98,439 (-47.3%), from €208,077 to €109,638
- Financial charges -€3,247
down €3,247 (-55.7%), from €5,833 to €2,585
of which Financial charges: -€2,750
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,117,762 | €5,544,634 | +€426,872 | +8.3% |
| Fixed assets | 21/28 | €4,521,464 | €4,521,464 | = | 0.0% |
| Financial fixed assets | 28 | €4,521,464 | €4,521,464 | = | 0.0% |
| Current assets | 29/58 | €596,298 | €1,023,170 | +€426,872 | +71.6% |
| Amounts receivable within one year | 40/41 | €565,268 | €991,368 | +€426,100 | +75.4% |
| Trade receivables | 40 | €180,000 | €108,400 | -€71,600 | -39.8% |
| Other amounts receivable | 41 | €385,268 | €882,968 | +€497,700 | +129% |
| Cash at bank and in hand | 54/58 | €28,656 | €26,929 | -€1,728 | -6.0% |
| Deferred charges and accrued income | 490/1 | €2,374 | €4,874 | +€2,499 | +105% |
| Total equity and liabilities | 10/49 | €5,117,762 | €5,544,634 | +€426,872 | +8.3% |
| Equity | 10/15 | €1,608,846 | €1,687,552 | +€78,706 | +4.9% |
| Contributions | 10/11 | €147,422 | €147,422 | = | 0.0% |
| Reserves | 13 | €1,026 | €1,026 | = | 0.0% |
| Distributable reserves | 133 | €1,026 | €1,026 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,460,399 | €1,539,105 | +€78,706 | +5.4% |
| Amounts payable | 17/49 | €3,508,916 | €3,857,082 | +€348,166 | +9.9% |
| Amounts payable after more than one year | 17 | €94,576 | €0 | -€94,576 | -100% |
| Financial debts | 170/4 | €94,576 | €0 | -€94,576 | -100% |
| Amounts payable within one year | 42/48 | €3,414,341 | €3,857,082 | +€442,742 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €282,257 | €94,576 | -€187,681 | -66.5% |
| Financial debts | 43 | €8,453 | €8,414 | -€39 | -0.5% |
| Credit institutions | 430/8 | €8,453 | €8,414 | -€39 | -0.5% |
| Trade debts | 44 | €93,529 | €73,377 | -€20,153 | -21.5% |
| Suppliers | 440/4 | €93,529 | €73,377 | -€20,153 | -21.5% |
| Taxes, remuneration and social security | 45 | €6,302 | €33,681 | +€27,379 | +434% |
| Taxes | 450/3 | €6,302 | €33,681 | +€27,379 | +434% |
| Other amounts payable | 47/48 | €3,023,800 | €3,647,034 | +€623,235 | +20.6% |
| Other operating charges | 640/8 | €1,136 | €1,511 | +€375 | +33.0% |
| Gross operating margin | 9900 | €208,077 | €109,638 | -€98,439 | -47.3% |
| Operating profit (loss) | 9901 | €206,941 | €108,127 | -€98,815 | -47.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €5,833 | €2,585 | -€3,247 | -55.7% |
| Recurring financial charges | 65 | €5,335 | €2,585 | -€2,750 | -51.5% |
| Non-recurring financial charges | 66B | €498 | €0 | -€498 | -100% |
| Profit (loss) for the period before taxes | 9903 | €201,109 | €105,542 | -€95,567 | -47.5% |
| Income taxes | 67/77 | €25,277 | €26,835 | +€1,558 | +6.2% |
| Profit (loss) for the period | 9904 | €175,832 | €78,706 | -€97,125 | -55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €175,832 | €78,706 | -€97,125 | -55.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.